CIIN president, Muftau Oyegunle’s speech @ insurance industry parley in Lagos

WELCOME ADDRESS BY SIR (DR) MUFTAU OYEGUNLE PRESIDENT/CHAIRMAN IN COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA FOR THE MAIDEN EDITION OF THE INSURANCE INDUSTRY PARLEY HELD MAY 31, 2022 AT ORIENTAL HOTEL, VICTORIA ISLAND, LAGOS
PROTOCOLS

It is with great pleasure I welcome everyone here today to our Institute’s Maiden Edition of the ‘Insurance Industry Parley’. This is a new and free programme of the CIIN focused on giving back to its members and the insurance community in general.

The objective of this programme among other things is to bring all stakeholders from the different arms of the insurance industry together, to discuss the business environment and how it affects the operations of the sector as well as charting the way forward for insurance to thrive in the country.

The theme of this maiden edition which is ‘Sustainable Insurance – Issues and Trends’, is indeed very apt and strategic considering the era we are in. With this theme, we assure you the engagement and interactions of all stakeholders here present will be in an enlightening and forward-looking approach.

Also, all discussions and presentations that will be delivered today are all targeted at identifying, assessing, managing and monitoring risks and opportunities associated with environmental, socio-economic and governance issues and how they impact the insurance industry to the end that we have a sustainable industry.

At this juncture, allow me to appreciate our erudite speakers who have been carefully selected from the various arms of the industry to discuss on the different perspectives of the theme.

I salute the Chairman of the session today, Mr. Segun Omosehin, the Managing Director of Old Mutual Nigeria Life Insurance Company Limited, the representative of the NAICOM R3LAB, Mr. Aribike who will be taking us on the Technical perspective, Mrs. Rasheedat Adebisi, who will be presenting on the Insurer’s perspective, Alhaji Saheed Egbeyemi, who is speaking on the Broker’s perspective, Mr. Ralph Opara, speaking on the Loss Adjuster’s perspective and Dr. (Mrs.) Yeside Oyetayo, covering the Academic Community perspective. Thank you so much for honouring our invitations to speak at this event, I am confident that you all will do justice to your presentations.

Distinguished Ladies and Gentlemen, I like to also appreciate you for attending this programme even as I employ us to be active throughout the event. This is to ensure you garner practical knowledge to take back to your respective companies and organisations.

Once again, I welcome you all to this programme. Thank you for your attention and time. Let’s have a wonderful and impactful Industry Parley.

Sir (Dr.) Muftau O. Oyegunle, ACII, FIIN
President/Chairman in Council
Chartered Insurance Institute of Nigeria

Photo @ CIIN’s industry parley in Lagos

The Chartered Insurance Institute of Nigeria, CIIN had a parley with the insurance industry in Lagos today

CAPTIONS:

L- The Chairman ORC, Mr. Gbenga Elusakin, CIIN Ambassador, Mr. Nurudeen Jamiu, Head IT Department, NAICOM, Mr. Abiodun Aribike, CIIN Council Member, Mrs. Adetutu Arusiuka, MD Old Mutual Benefit and Chairman of the Occasion, Mr. Olusegun Omosehin at the industry parley in Lagos

 

L – Head, Retail Solutions, Axa Mansard, Mrs. Rashidat Adebisi, Deputy President, CIIN, Mr. Edwin Igbiti, Director General, CIIN, Mrs. Abimbola Tiamiyu, Rector CIFM Dr. (Mrs.) Yeside Oyetayo, Alhaji Saheed Egbeyemi, Hogg Robinson Nigeria Limited and former President of ILAN, Mr. Ralph Opara at the Insurance Industry Parley in Lagos.

Faces @ Mutual Benefit Assurance training for NAIPCO members in Lagos

Mutual Benefit Assurance organised a one-day trading for insurance reporters under the aegis of National Association of Insurance & Pension Correspondents at the company’s head office in Lagos.

CAPTION

L- Managing Director/ CEO Mutual Benefits Assurance Plc, Femi Asenuga; Biyi Ashiru-Mobolaji Executive Director Operations and Joeeph Oladokun, Head Technical Department at the event today.

Group photograph of executive of Mutual Benefits and NAIPCO members

Some of NAIPCO members at the one day training sponsored by Mutual Benefit

Low capacity to galvanize youths for economic development a challenge—NEPC boss

By Favour Nnabugwu

 

 

Low capacity to galvanize the youths into productive ventures for economic development remain the country’s challenge, according to Executive Director of Nigeria Export Promotion Council, NEPC, Ezra Yakusak,

Yakusak who made this known at the official commissioning of Lelook Bags Academy in Abuja,.

Yakusak said that the country is blessed with a large portion of youthful population ready to contribute in building a strong and prosperous economy.

According to him, “You are all aware that Nigeria has a large portion of youthful population, who are energetic, ingenious, skilful and ready to contribute in building a strong and prosperous economy.

“However, the challenge has always been low capacity to galvanize the youths into productive ventures for economic development”, he added.

He felicitated with the Founder of Lelook Academy, Mrs. Chinwe Ezenwa, during the official commissioning of Lelook Bags Academy, stated that the council will do more to sustain its interventions to SMEs and other relevant players in the non-oil export ecosystem.

He said, “This project is important to Nigerian Export Promotion Council because it is a testimony to how NEPC interventions has tremendously built up and transformed a SMEs into export oriented firms.

“It is interesting to note that NEPC identified LeLook in its infancy. The Council invested immensely into it through participation in export readiness assessment sessions, product development and adaptation particularly in packaging and labelling under the NEPC -ITC -SheTrades programs. The lessons she learnt under these programs has enabled Le look brands and labels to successfully compete and break into niche export markets in abroad.

“You may also need to know that Le look has been one of the SME’s that participated in NEPC’s spearheaded and sponsored trade fairs such as the Magic fair, New York Gift Fair, Inter African Trade Fair in Egypt and South Africa and several other Match-making and business expos.

“Her labels were in high demand at the just concluded Expo 2020 Dubai. In recognition of the Le look progress and innovativeness NEPC provided further assistance to Le Look through the Export Expansion Facility Program (EFPP) for it to scale up production and the result is what we are all seeing today.

“A success story from a humble beginning to a great height. Without missing words , NEPC having prepared Le Look under its ITC/AFREXIMBANK training on “How to export under the AfCFTA and the NEPC/WATIH/USAID training on “Exporting under the AGOA” has provided veritable platform for Le Look brands to capture a major market share under the African Growth and Opportunity Act and the AfCFTA.

“The Nigerian Export Promotion Council will continue to sustain its interventions to SMEs and other relevant players in the non-oil export ecosystem in pursuit of our vision of making the world a market place for Nigerian non-oil products.”

In her remarks, chief (Mrs) Chinwe Ezenwa, “Our goal is to buy into the Federal Government’s target of diversifying the Nigerian economy and promoting the country’s non-oil exports and production.

“Having spent over 35 years in the sector, I am convinced on how to make a difference.Everywhere else, people talk about vocational skills but here we are talking about bag-making skills specifically. We thought we needed to raise people, esp women, with skills, with Nigeria having signed the African Continental Free Trade Agreement.

“Recently, we had to set up Lelook Multipurpose Society to empower women who might not be able to get loans easily, because getting a loan for a woman in Nigeria isn’t easy ”

Allianz becomes majority shareholder of Jubilee General Insurance Company of Tanzania

By Favour Nnabugwu

 

The Allianz group has finalized the 51 % acquisition of Jubilee General Insurance Company of Tanzania’s capital from Jubilee Holdings Limited and the Aga Khan Fund for Economic Development (AKFED).

However, JHL and the six minority shareholders will retain a 15 percent and 34 percent stake in the Tanzanian subsidiary respectively.

This is the fourth acquisition made under an agreement signed in 2020, between the German group and the African holding.

The agreement consists in a takeover by the German insurer of the non-life activities of JHL in five African countries. The first, in Kenya, was finalized on 4 May 2021. This was followed by two takeovers in October 2021 and March 2022 in Uganda and Burundi. The Mauritius transaction remains subject to approval by the relevant authorities.

Jubilee General Insurance Company of Tanzania will soon operate under the name of Jubilee Allianz General Insurance Company.

Online prayer platform hits 81.4m views, 244m participants in six months

By Favour Nnabugwu

 

 

Nigerian online prayer platform, New Season Prophetic Prayers and Declarations led by Pastor Jerry Eze has hit 81,439,509 views on Facebook, Youtube, Instagram and Mixlr within six months.

According to statistics collated from the digital platforms, between December 2021 and May 25, 2022, 19,005,969 devices logged on to the NSPPD early morning prayer programmes with an estimated 244,318,527 people at three persons per device.

By this record, the NSPPD is now the largest prayer programme in Africa, if not the world.

A breakdown of the data showed that the NSPPD programme had 14,694,805 views in December with an estimated 44,084,415 participants who logged in with 3, 126, 168 devices.

In January, it recorded 15,158,333 views from 3,465,059 devices from across the globe with an estimated 45,474,999 participants.

The number dipped to 13,830,965 views and 41,492,895 persons who took part in the spiritual exercise from 3,202,372 devices in February.

However, participation grew again as viewership topped over 14 million in March. An estimated 44,449,410 individuals watched on 3,564,619 devices.

In April, about 39,490,074 ‘NSPPIDIANS’ logged on to the programme from 3,059,342 devices. The system pegged the viewership at 13,163,358.

The data also indicates that 29, 326, 734 persons took part in the NSPPD prayers across all media platforms with 9, 775,578 views from 2,588,409 online devices in May.

Cumulatively, the NSPPD prayer programme is believed to have achieved a record 81,439,509 views by at least 244,318,527 persons globally..

Commenting on the remarkable growth of the prayer movement within a short time, the NSPPD founder, Pastor Eze attributed it to the move of God.

He said, “I was also quite surprised and overwhelmed by this strange act of God. I can only describe it as ‘What God cannot do does not exist, It’s not about us; it’s just about end-time revival. It’s about the move of God. It’s just not about us; It’s about that outpouring (Prophet) Joel prophesied and reiterated by Peter on the day of Pentecost. I am simply overwhelmed.’’

REA secures GEF, UNDP $2.9m electricity funding for rural women

By Favour Nnabugwu
The Rural Electrification Agency (REA) will provide electricity for close to 50,000 rural women under a five-year off-grid national power project with funding of $2.9million from Global Environment Facility (GEF) and United Nations Development Programme (UNDP).
The project was financed by GEF with $2.6 million and supported by UNDP with $300,000, totalling $2.9million
This was disclosed by the Managing Director/Chief Executive Officer, REA, Engr Ahmed Salihijo Ahmed at an event to mark the formal launch of the project in Abuja.
He said that the project which is titled ‘Derisking sustainable off-grid lighting solution in Nigeria’ will benefit  96,380 persons out of which 47,540 are expected to be rural women.
According to the REA Boss, there is a need for effective collaboration among stakeholders in achieving rural electrification projects.
He appreciated the financial support from GEF and UNDP and said that rural electrification is an indispensable component of national development. He called on the private sector for investment collaborations in renewable energy in the country.
He added that the financial support will go a long way in achieving the overall targets of the programme in line with the mandate of the agency and federal government’s commitment in powering communities across Nigeria.
The Executive Director, Rural Electrification Fund, Dr. Sanusi Ohiare also elaborated on the objectives of the programme as well as its immense positive impacts on the socio-economic development of rural dwellers, and tasked the Technical Working Groups to ensure the project succeeds.
He also emphasized the relevance of the private sector in ensuring access to electricity, especially in rural areas.
 Noting that it would be almost impossible for the government to tackle the challenges of rural electrification, Ohiare commended the funding partners for thinking and acting in that direction.
The representative of UNDP, Mohamad Yahya, was optimistic the project will succeed considering the commitment of the partners and the zeal to achieve desired results.
According to the Project manager, Dr. Bala Tyoden, it was designed to develop a private sector-led technology value-chain to make off-grid renewable energy technologies such as solar lanterns and solar home systems, available to rural households who may likely not be electrified until after 2025.
He said “The main aim of the project is to promote private sector investment in sustainable off-grid lighting technologies by establishing a sound policy environment that facilitates the creation of a self-functioning and sustainable market in Nigeria.
According to him, “The project will directly support the implementation of the Rural Electrification Strategy and Implementation Plan (2016) as well as the energy access targets in the SE4All Investment Prospectus.
The project rationale is underpinned by a novel approach to de-risk private sector investments in the market for rural decentralized renewable energy access.
Meanwhile, three components and outcomes have been developed to stimulate the uptake of off-grid decentralized solar technologies such as solar lanterns and Solar Home System (SHS) while UNDP’s de-risking approach would be adopted to as a catalyst for private sector investments in the off-grid rural energy market.
CIIN releases April 2022 diet examination results

By Favour Nnabugwu

 

 

The Chartered Insurance Institute of Nigeria (CIIN) has released April 2022 Diet Examinations results

The Diet which is the 56th Edition of the Institute’s Examination was held from Monday 4th to Thursday, April 7th, 2022 in all the Institute’s centres nationwide and internationally;

Banjul, The Gambia, Cameroon and Kigali. In a press statement signed by the Assistant Director, Examination, Mr.Samuel Agoh, the Director General of the CIIN, Mrs. Abimbola Tiamiyu, on behalf of the President/Chairman in Council, Sir (Dr.) Muftau Oyegunle, congratulated all successful candidates who wrote the Diet and as well appreciated everyone who made the examination a success.

Mrs. Tiamiyu noted that the Institute has zero tolerance towards any form of malpractice and compromise in its examination process and ensured that the integrity of the process is maintained across all centres; locally and internationally. She added that any incident of examination malpractice or compromise reported during the examination was appropriately dealt with by theInstitute’s Council through its various degrees of approved sanctions.

She disclosed that these sanctions include the Institute withholding results of candidates, candidates facing the investigative panel, outright cancellations of results among others. “Candidates are advised to check their results online on the Institute’sportal and should note that registration for the October 2022 Diet will commence on June 1, 2022.”

FAAC shares N656.6bn to FG, states & LGs …As revenue falls by N933 bn

By Favour Nnabugwu

 

The Federation Account Allocation Committee (FAAC) has shared a total sum of N636.602 billion to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued, yesterday,  at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022, according the statement by the Director of Press and Public Relations of the Office of the Account General of the Federation,  Mr. Henshaw Ogubike.

The N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion,  distributable Value Added Tax (VAT) revenue of N166.522 billion,  the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion.

The  total deductions for cost of collection for the revenue in the month of April was N29.609 billion, while total deductions for transfers and refunds was N147.651 billion.

The Communique indicated that the balance in the Excess Crude Account (ECA) was $35.377 million.

From the total distributable revenue of N656.602 billion; the Federal Government received N257.611 billion, the State Governments received N201.256 billion, while the Local Government Councils received N149.251 billion.

The sum of N48.485 billion was shared to the relevant oil producing states as 13% derivation revenue.

A gross statutory revenue of N635.037 billion was received for the month of April 2022. This was lower than the N933.304 billion received in the previous month by N298.267 billion.

From the  N461.189 billion distributable statutory revenue, the Federal Government received N217.412 billion, the State Governments received N110.275 billion and the Local Government Councils received N85.017 billion. The sum of N48.485 billion was shared to the relevant States as 13% derivation revenue.

In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825 billion.

This was lower than the N219.504 billion available in the month of March 2022 by N40.679 billion.

From the N166.522 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978 billion, the State Governments received N83.261billion and the Local Government Councils received N58.283 billion.

From the N8.891 billion Excess Bank Charges recovered, the Federal Government received N4.684 billion; the State Governments received N2.376 billion and the Local Government Councils received N1.831billion

The N20.00 billion augmentation was shared as follows: the Federal Government received N10.536 billion,  the State Governments received N5.344 billion and the Local Government Councils received N4.120 billion.

According to the Communiqué, in the month of April 2022,  Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties,  Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.

Stella Oduah gives NYSC 48hrs to retract alleged false

Just in : Non-completion of service: Oduah orders NYSC to retract allegation within 48 hours
 Forrmer Minister of Aviation and the Senator representing Anambra North Senatorial District, Stella Oduah has requested the National Youth Service Corps ,NYSC,  to retract the allegation that she did not complete her national service within 48 hours.
In the letter addressed to the Director General, National Youth Service Corps and titled, “48 Hours Notice to Retract Your Statement as Contained in Your Letter Dated 24th May 2022 Ref No. NYSC/DHQ/PPRU/783/VOL 111”, the Senator stated, “Our attention has been called to your scandalous letter referenced above in which you acknowledged that Senator Stella Oduah was mobilized for youth service in 1982 and served in the Lagos orientation camp but then concluded that she “absconded” and was not issued a certificate of discharge.”
The letter,  signed by Ezennia Nonso Chukwudebe, Director, Media/Publicity for Senator, Stella Oduah, described the allegation as reckless and stated, “That reckless statement which we consider grossly irresponsible no doubt suggests that it was procured from you for political considerations in favour of Sen. Oduah’s political detractors. We are shocked that you condescended so low to make such false and unverified conclusions which is damaging to her character and image”.
“For the avoidance of doubt, Sen. Oduah’s NYSC place of primary assignment was the popular Nigeria Employers’ Consultative Association (NECA). When a similar allegation was made by her political contenders in 2017, NECA issued a letter dated 11th January 2017 Ref No: NECA/SELA/H4 confirming that she carried out her NYSC primary assignment with them.  Find attached a copy of that letter for reference as well as a photograph of our client as a youth corper “
“That issue also attended litigation and she has a court judgment in her favour in the case of Chinedu Emmanuel Emeka v. Princess Stella Oduah ,
EPT/AWK/SEN/13/2019″
“Ordinarily, one needs not be bothered about any other similar allegations in the light of the aforesaid judgment and the fact that NYSC is not a constitutional qualification to hold any public office in Nigeria, but your statement has to a large extent defamed her”
“In your exact words, ‘after the orientation course, she absconded’ It is curious how a person who had participated in all NYSC activities at the Orientation Camp can be said to have “absconded” because she left for her place of primary assignment as it was routine. It is either you chose to ignore your record or your office has failed to keep proper records.”
“You are by this letter given 48 hours to retract your statement failing which legal actions shall be commenced against you.”
“To reinforce the fact the distinguished Senator completed her NYSC, her picture where she was in her NYSC regalia was attached and a letter from NECA confirming that she served with the association.
“In fact, NECA wrote a letter dated January 11, 2017 with Ref: NECA/SELA/H4, signed by the Director General, O. A. Oshinowo and stated, “We hereby confirm that you carried out your NYSC primary assignment with NECA in 1982 during the tenure of Mr. Gabriel Okogwa (now of blessed memory). Our investigation did reveal that you were diligent and steadfast in the place of your duty.”